>> i don't think that a clearing house is an easy purvis solution. .1. i think that there are good places for extending a clearing platform be on the credit derivatives world. it is being discussed by some academics in the u.s. but simply having cbs on a clearing house living in a way of other derivatives offer clearinghouse creates problems. i think that there needs to be more transparency still of how cbs is being used and the degree to which, there are arrived credit derivatives changing the way that it has behaved in a company goes into bankruptcy in quite a radical and potentially untested manner. out and i think there needs to be a lot more discussion about how that is changing the way prejudice be heading towards other companies, but to think that somehow we have had the clearing house and that is the end of the story i don't think is true at all. >> the other part of your book -- >> she is sitting behind you [laughter] maybe you should turn. >> jpmorgan worked very hard and to prevent it from being regulated. you think he was right? >> i will say

purvis folder. i want to mention of my employees. over the year carlyle has numerous employees and have worked for my family for 35 to 50 years. time doesn't permit me to do them justice. my point is carlyle has had an currently has the best people in the industry. i would like to mention to the committee the human element of these actions by gm and chrysler, nearly 90 souls depend on the carlyle for their assistance and with our closing these people will be subjected to serious economic hardship. i had numerous offers to sell my business and i have had that right taken away. i family will be left with a single person facility with no tenant. this is senseless. my grandfather pay for carlyle chevrolet from his labors, my father paid my grandmother for carlyle chevrolet to his efforts, it took me nearly 20 years to pay my parents for carlyle chevrolet committed to gm and chrysler a mere 24 hours to take carlisle chevrolet from maine. this makes no sense. why is this happening? gm and chrysler have stated publicly they have not used th

and this made purvis sans because before he was selling newspapers he was selling cereal for general marist and he had done a bang of job of improving general mills standing and is priced per share in the market and so now he had been given the reins of a newspaper chain, in one of the better newspaper chains. i remember walking away from that 45 minute talk which concluded with him suggesting that would be so bad if reporters could when doing a story and see the potential for advertising, if you could maybe throw a call to the advertising department. i remember taking the elevator back to the news room with a guy named mike was one of the best reporters, and then the first two floors or in silence and when the door open on the news room i remember my saying this is over. this is over. and that was early '90s. two years later i was taking a third buyout. we cheated ourselves, we destroyed herself. we did at the behest of wall street and did it for cash on the barrelhead. the people who did it are now on the golf course down at hilton head. probably bemoaning what happened to the wond